By
Belinda Ayamgha, GNA
Accra, June 19, GNA – TTL Income Haven Fund,
has posted strong results at its maiden Annual General Meeting (AGM) held in
Accra, closing the 2017 financial year with an annualised year to date return
of 30.37 percent.
The return is far above the benchmark
performance projected at the inception of the Fund in 2016, of 3 percent above
the Bank of Ghana’s 91-day Treasury Bill rate and closed the year with a net
asset of GH¢882,140.00.
Speaking at the maiden AGM, Mrs. Efua Filson
Fynn, Chief Investment Officer for the TTL Income Haven Fund and Managing
Director of TTL Capital, said the strong performance was despite the low
interest rates that prevailed in the environment, presenting unfavourable
conditions for money market funds.
“The Fund outperformed the Government of Ghana
(GOG) Treasury Bills as well as other money market mutual funds in the
country,” she said.
Benchmark funds like the GOG 91-day Treasury
Bill Rates (TBR), 182-day TBR and 365-day TBR, closed the year at 13.35
percent, 13.88 percent and 15.00 percent respectively.
The price of the Fund also increased from GH¢1.00 at inception, to GH¢1,3718 at end 2017, a growth of 37 percent in the
period under review.
Mrs Filson Fynn noted that falling interest
rates, as well as the depreciation of the cedi, posed challenges to the Funds
outlook for 2018, although the effects of the depreciation may take a while to
reflect in the performance of mutual funds.
In order to mitigate the effects, she noted
that the fund’s strategy for the 2018 financial was to invest in longer term
securities; increasing its exposure in the 182-day and 365-day fixed deposits,
as well as to relatively strong financial institutions.
The Fund will also focus on a comprehensive
risk management in order to ensure balance between yields and quality of
investments.
Mr Theophilus Senyo Ackorlie, Chairman of the
Board of Directors of TTL Income Haven Fund, said the Fund’s Asset under
Management also grew significantly during the period under review, increasing
by over 282 percent to GH¢885,124.00, from the GH¢231,456.00 mobilised at inception
in October 2016.
This, he said, was due to the impressive
return on investment as well as the continued contributions of both existing
and new clients.
He said the Fund in 2018 was working to
increase its client base, particularly by harnessing the power of social media
and assured shareholders and the public that in spite of the expected decline
in interest rates in 2018, the fund was positioned to perform well.
“Despite the expected decline in general
interest rates, the Fund is in a good stance to deliver high returns to
investors in 2018. We expect good results in all the key performance drivers,
namely: Assets under Management, return, deposits, redemptions and clientele
base,” he stated.
He encouraged clients to continue investing in
the Fund, using direct debits or mobile money, adding that the Fund was
exploring other forms of payment to bring more convenience to its clients.
GNA